There are two ways of giving a gift of life insurance to the University through the LSSU Foundation:
If you retain ownership of the policy:
Simply make the LSSU Foundation the primary, secondary or residual beneficiary of your policy. Giving all or a percent of the benefit to the University is a creative way of using a beneficiary designation as a gift.
If you transfer ownership of the policy to the LSSU Foundation:
If a donor, an insured, makes an irrevocable transfer of a life insurance policy to LSSU naming LSSU as owner-beneficiary, the policy's value is a charitable contribution in the year of transfer, and the donor removes the proceeds from his estate for federal estate tax purposes.
Value, for contribution purposes, is computed as follows:
State regulations governing the deductibility of gifts of life insurance vary. Federal and state rules, regulations, and laws change frequently so please consult your advisors.
It is important that you contact your insurance professionals, your tax advisors and the LSSU Foundation before making any transfers or insurance gifts to the University.
The Lake Superior State University Foundation was founded in 1983 and makes its home at the Lukenda Alumni House, one of the original Fort Brady Row Houses at the eastern end of campus. The Foundation oversees a vast amount of scholarship activities, events and other philanthropic activities to help educate the public on various ways to give to Lake Superior State University.
Lake Superior State University Foundation
650 W. Easterday Ave
Sault Ste. Marie, MI 49783
